London/New Delhi —Around the world, from Bangladesh to Nepal to Rwanda, vulnerable hotspots have been grappling with stalled Covid-19 vaccination programmes as they run out of doses. Many of those shortages can be traced back to a single company: The Serum Institute of India.

The world’s largest vaccine maker, Serum was named a top supplier of Covid-19 shots to Covax in 2020, the World Health Organisation-backed initiative aimed at securing an equitable global rollout. But the Indian company has been dogged by setbacks, from a ban on exports to a factory fire, which have hampered its ability to fill orders...

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